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By Othmar W. Winkler

"Interpreting financial and Social Data" goals at rehabilitating the descriptive functionality of socio-economic statistics, bridging the space among cutting-edge statistical thought on one hand, and econometric and mathematical types of society at the different. It does this by way of delivering a deeper realizing of information and techniques with impressive insights, the results of the author's six a long time of training, consulting and involvement in statistical surveys. the writer demanding situations many preconceptions approximately aggregation, time sequence, index numbers, frequency distributions, regression research and likelihood, nudging statistical conception in a special course. "Interpreting Social and fiscal information" additionally hyperlinks statistics with different quantitative fields like accounting and geography. it's aimed toward scholars and professors in enterprise, economics and social technology classes, and often, at clients of socio-economic facts, requiring purely an acquaintance with undemanding statistical theory.

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Examples are the whereabouts of the rolling stock of a trucking firm or of a railroad company. These problems create uncertainty, not unlike the measuring problems in atomic physics. 5 Attributes and Variables These ‘real-life-objects’ project an economic phenomenon through their properties. The attributes – qualitative characteristics or non-measurable variables – of these real-life-objects describe pervasive, essential aspects of an object, through non-numeric, nominal description. They cannot be determined with accuracy or measured on an interval or ratio scale.

The ‘Law of Large Numbers’ – the Central Limit Theorem – simply does not apply to socio-economic statistical data, except when actual samples are analyzed inferentially. These statistical elements link socioeconomic reality ‘out there’ with the tabulated data, the aggregates, ‘in here’. In the next chapter these aggregates will be explored into which the ‘statistical-countingunits’ are assembled. It is precisely through these aggregates that socio-economic data and the underlying phenomena can be interpreted.

These ‘projecting agents’ can also be contractual documents that seem to exist only as a piece of paper but are anchored in the laws and customs of society. ’ Socio-economic phenomena, at all levels of abstraction, are projected by appropriate ‘real-life-objects’ as the ‘projecting agents’, somewhat like the invisible field of a magnet is projected by iron filings scattered on a sheet of paper placed on top of that magnet. The iron particles become projecting agents of the phenomenon ‘magnetism’ by their reaction to these polarizing forces that exert an effect on these particles.

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